FxWirePro: AUD/CAD Finds Stiff Resistance at 0.9542, Good to Sell Rallies
8 June 2016, 10:39
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FxWirePro: AUD/CAD Finds Stiff Resistance at 0.9542, Good to Sell Rallies
- AUD/CAD is extending downside from 1-month highs of 0.9545 hit on Tuesday.
- Intraday bias for the pair is lower, pair finds immediate support at 0.9455 (trendline), then 0.9446 (10-DMA).
- Major resistance is seen at 0.9542 (trendline), bearish invalidation only on break above.
- Techs on 2H charts support downside. Break below 0.9455 could see test of 0.9385 levels.
Recommendation: Good to sell rallies around 0.9480/90, SL: 0.9545, TP: 0.9455/ 0.9430/ 0.9385
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